The German government and the EU have set demanding greenhouse gas (GHG) reduction targets and are committed to reaching net zero in the long term. Considering the German chemical sector's high energy consumption and carbon emissions, as well as the important role it plays in the decarbonization of other industries, the cooperation between chemical companies, the German government, and the EU lies at the heart of the green transition.

After exploring how the global chemical sector approaches decarbonization (please also see "Decarbonizing Chemicals Part One: Sectorwide Challenges Will Intensify Beyond 2030" and "Decarbonizing Chemicals Part Two: The Credit Risks And Mitigants," both published Sept. 5, 2023), this report focuses on the German chemical sector and its path to net zero.

Chemical Industry Is Crucial For Net Zero

According to the German chemical industry association (VCI), the German chemical sector's total turnover, excluding pharma, was €202 billion in 2022, which makes Germany the largest chemical manufacturer in Europe. According to the VCI, the chemical sector, the third-largest industry in Germany, consumed about 185 terawatt hours (TWh) in 2021, accounting for about 7% of Germany's total energy consumption and nearly 20% of energy consumption in industrial manufacturing. The chemical industry's high energy intensity and its reliance on fossil fuels and feedstock make it also the third-largest carbon emitter in Germany, after steel and cement. The chemical sector generated 17.2 million metric tons of CO2 equivalents (tCO2e) in 2021, which corresponds to about 14% of Germany's total emissions. BASF SE, the world's largest chemical company, generated 16.9 million metric tons of global scope 1 and 2 emissions in 2023.

High energy prices are a hindrance

The chemical industry in Europe, especially in Germany, is at a competitive disadvantage because energy prices are higher than in other regions, especially the Middle East and the U.S. Although power wholesale prices in Germany dropped from the record highs they reached during the energy supply crunch in 2022, they are still higher than three years ago and averaged €98 per megawatt hour (MWh) in 2023, according to S&P Global Commodity Insights data (see chart 1). There is an increasing risk that Europe will face capacity rationalizations in highly energy-intensive base chemical products, including ammonia, carbon black, chlorine, methanol, ethylene, and propylene. This could increase the German chemical industry's supply chain dependencies over the coming years.

Chart 1

Net zero could be a blessing in disguise

Even though it requires significant investments, Germany's ambitious net-zero target provides an innovation opportunity for the country's energy-intensive chemical industry. The shift to net-zero technologies and natural resources could strengthen the sector's competitive position. Chances are that customer industries will be willing to pay premium prices for carbon-neutral products and solutions that help them decarbonize. This is especially the case for European manufacturing industries, which are committed to reduce emissions across their supply chains.

We believe by complying with the European Green Deal and meeting the German government's decarbonization goals, German chemical companies will be among the first in the sector to deliver low-carbon, sustainable, and circular economy-related solutions, which could translate into new growth opportunities and a competitive advantage in global markets. Low-carbon mobility, circular products and packaging, and low-carbon agriculture and food supply are just some areas, which could spur demand for new innovative chemical products.

Still A Long Way To Go

Rated German chemical companies are well underway to achieve their 2030 GHG reduction targets but face major challenges to achieve net zero by 2050. Given the demanding GHG reduction goals set by the EU and the German government, the German chemical companies we rate are supportive of net zero by 2050 and have set individual interim targets to reach climate neutrality. For example, they committed to reducing scope 1 and 2 emissions by 10%-30% by 2030, compared with individual base years ranging from 2017-2021 (see charts 2 and 3). Yet, the industry struggles with reducing scope 3 emissions, which is even more difficult for companies that eye significant business expansions.

Chart 2

Chart 3

Medium-term targets are doable, long-term targets are more uncertain

Chemical companies' medium-term emission targets vary but are attainable (see table 1). Most companies, especially large international players, defined a clear and, in our view, realistic roadmap to achieve their interim targets, mainly through higher production and process efficiency and shifting to renewable energy (see appendix). Additionally, large chemical companies have entered into long-term power purchase agreements (PPAs) with utility providers to secure their green energy supply, which we expect will become a common thread in the sector. Achieving net zero by 2050, however, will be more complex and require deeper shifts in product chains. Key measures are necessary to enable a gradual exit from gas as a core energy source and reduce GHG emissions during the chemical production process. These key measures include hydrogen-based manufacturing, the electrification of certain processes, and carbon capture and storage. Most German chemical companies are in the process of defining and developing concrete steps to achieve net zero in the long term. The availability of sufficient and affordable renewable energy will be crucial in that regard.

Table 1

Chemical companies face an investment surge

The Russia-Ukraine war and natural gas shortages in 2022 highlighted German chemical companies' need to diversify energy sources and reduce their dependence on Russian oil and gas. This, alongside strict regulatory requirements to reduce carbon emissions, accelerates the transition to green energy, emphasizes the need to increase investments in decarbonization, and poses challenges to the industry, not least from a credit perspective. Despite different definition across companies, we estimate investments in decarbonization will, on average, amount to 5%-10% of total capital expenditure (capex) by 2030 (see table 2). If we include investments in growth projects with sustainability benefits, including from the portfolio shift, the percentage increases to 40%-45% for Evonik Industries AG (Evonik) and 20%-25% for K+S AG (K+S).

Capex will increase sharply

We expect capex for the net-zero transition could increase materially after 2030, especially for base chemical products. This is because high investments are necessary to roll out new technologies, including electrification, hydrogen-based production, and carbon capture, usage, and storage. Additionally, decarbonization will likely entail plant-specific changes and potential disruptions in chemical manufacturing. Changes to fuels, feedstock, or carbon-capture methods will also add to operating costs. High investments and operating expenses will constrain profitability and free operating cash flow until demand for low-carbon products increases and companies with favorable market positions can pass on costs to customers.

Table 2

Regulations Are Key

German chemical companies cannot tackle the transition to net zero alone. They rely on support from the German government and the EU in the form of supportive policies and regulatory frameworks. Above all, they require clear guidance, for example when it comes to scope 3 emissions, which accounted for at least 75% of the chemical industry's total emissions, according to the Science Based Targets initiative (SBTi). In the case of rated German companies, scope 3 emissions even represented 82% of total emissions in 2022 (see chart 4). According to the CDP, scope 3 categories 1 (purchased goods and services; about 44% of the chemical sector's total scope 3 emissions), 11 (use of sold products; about 14%), and 12 (end-of-life treatment of sold products; about 6%) could be the most relevant categories for chemical companies.

Chart 4

Emission targets are vague

To achieve net zero, chemical companies will need to reduce scope 3 emissions, especially from purchased materials. But since scope 3 emissions are indirect and come from external sources, they are difficult to measure and require the engagement of many stakeholders, including suppliers and customers, which are highly diversified in this sector. This generally limits chemical companies' ability to easily partner on such decarbonization commitments. Additionally, specific guidance on scope 3 emissions for the chemical industry and its various subsectors does not exist yet. Among rated German chemical companies, Evonik is the only one that set an interim scope 3 emission reduction target of 11% by 2030, which has been validated by SBTi. BASF's scope 3 reduction targets encompass only category 1 (purchased goods and services). Many chemical companies have not specifically addressed scope 3 emissions in their GHG reduction targets.

All Eyes On Renewables

Access to affordable renewable energy is critical for German chemical companies to operate efficiently and achieve net zero over the coming decades. According to a VCI study, the green transition will increase the sector's electricity consumption to about 320 TWh-500 TWh by 2045, from more than 50 TWh in 2021 (see chart 5). This compares with about 500 TWh of total electricity consumption for Germany in 2022. The same study also shows hydrogen demand will increase to 150 TWh-300 TWh. In addition to green electricity and renewable energy infrastructure, competitive industrial electricity prices will also support chemical companies' transition to net zero. According to the VCI, a climate-neutral chemical industry by 2045 requires that at least 320 TWh of electricity per year are generated by renewable energy sources at internationally competitive prices of 4 cent per kilowatt hour (kWh) to 6 cent/kWh.

Chart 5

Apart from reliable and affordable renewable energy and rapid infrastructure development, establishing a comprehensive carbon capture and utilization capability, maximizing the recycling of plastic waste, and using sustainable biomass can reduce power and hydrogen consumption significantly. In turn, this can decrease total costs needed by the industry to achieve net zero.

The green transition will not come for free

Germany is accelerating the transformation of its energy mix and targets to increase the share of renewable energy to 80% by 2030, from almost 52% in 2023. This is a very ambitious target which, according to a study published by the German association of energy and water industries and EY, will require about €600 billion in investments over 2022-2030, mainly in renewable capacity and power transmission grids (see "Germany's Green Energy Ambitions Spark A Transformative Decade For Utilities," published Sept. 14, 2023). We expect tightening regulation, social scrutiny, and an increase in carbon prices will incentivize power generators to accelerate the transformation of their asset portfolios to renewables, which, compared with thermal generation, benefit from lower marginal costs. At the same time, we expect the shift to renewables will reduce power prices, with baseload prices in Germany expected to approach 5 cent/kWh by 2030, from about 10 cent/kWh-15 cent/kWh in 2023 (see "Europe's Utilities Face A Power Price Cliff From 2026," published June 22, 2023).

Time Is Of The Essence

Although climate transformation plans are largely in place for the chemical industry, their implementation is hampered by an unfavourable investment climate in Europe, especially in Germany. This is due to the energy crisis, high energy costs, and complex legislative and regulatory requirements. The 2030 climate target requires that investment decisions are taken soon, especially in the case of industries with long investment cycles, such as the chemical industry. With its European Emissions Trading Scheme (EU ETS), which is part of the "Fit for 55" program, the EU intends to create incentives for significant GHG savings in the industrial sector and increase the effectiveness of funding measures. However, this will increase CO2 costs for the industrial sector, especially chemical companies, given declining free allowances and higher challenges to compensate through lower emissions and timely pass-ons to customers.

Free allowances will soon be a thing of the past

The EU's Carbon Border Adjustment Mechanism (CBAM) aims to avoid carbon leakage by putting a fair price on embedded CO2 emissions that are generated during the production of certain carbon-intensive goods imported into the EU. CBAM will come into force in 2026, with the transitional phase lasting from 2023 until 2026, in line with the phase-out of the free allowance allocation under the EU ETS. This initial transitional phase applies for most carbon-intensive sectors, including cement, iron and steel, aluminum, fertilizers, electricity, and hydrogen. The regulations also leave open the possibility for more products, including some upstream chemicals, subject to further review during the initial phase. In the case of K+S, the first reporting obligations applied from Oct. 1, 2023. According to the European Chemical Industry Council, CBAM can only function effectively for the chemical industry if various issues are tackled. These include indirect carbon costs from power that is used for chemical production and considered in companies' electricity bills, circumvention risks through the import of downstream products, and negative effects on export competitiveness due to the phase-out of the free allowance allocation in the EU.

Germany aims to up its game

The German policy framework is developing, but at a slow pace. In October 2023, the German government adopted the final version of its comprehensive climate action program. Germany, which will have to almost triple the pace of emission reductions by 2030, has taken several steps to meet its climate targets:

• The Federal Government plans to significantly expand renewable energies and aims to completely or largely decarbonize electricity generation by 2035. The share of renewable energies in total electricity consumption increased to almost 52% in 2023, from 46% in 2022.
• The German government plans to increase the "Decarbonization of Industry" funding program to support energy-intensive industries, including the chemical sector.
• Carbon Contracts for Difference will be used to incentivise the switch to climate-friendly production processes. Funding will be provided for the cost difference between climate-friendly and conventional production processes for industrial goods.
• The Carbon Management Strategy will clarify the extent to which carbon capture and storage and carbon capture and utilization can be embedded.
• Integrated projects along the entire hydrogen value chain will be identified as strategically relevant and funding will be provided.
• Germany aims to achieve 10 gigawatt (GW) of electrolysis capacity by 2030, as per the coalition agreement.

A swift and effective implementation of the program is necessary to ensure the chemical sector's successful decarbonization.

Appendix: Rated German Chemical Companies And Their Sustainability Projects

BASF SE (A-/Stable/A-2)

With sales of €87.3 billion in 2022, BASF is the largest chemical producer worldwide. It has one of the broadest product portfolios, which covers several value chains. The company generated about 35%-40% of total revenues from upstream chemicals, including plastics. Consequently, BASF's absolute GHG emissions exceed those of other German chemical companies in our portfolio. We view BASF as well advanced in implementing sustainability initiatives and adopting high environmental risk mitigation standards, compared with industry peers. BASF benefits from its focus on energy optimization and recycling. This is evidenced by the fact that it has the lowest scope 1 and 2 intensity ratio--which amounted to 211 tCO2e per million euro sales in 2022--among rated German chemical companies.

BASF is committed to reduce scope 1 and 2 emissions by 25% to about 16.4 million metric tons by 2030, compared with 2018. The company has recently announced its target to reduce scope 3 category 1 emissions (from purchased goods and services) by 15% by 2030, compared with 2022, and achieve net zero for scope 3 category 1 emissions by 2050. Even though this represents an important step to tackle scope 3 emissions, we understand that it is not in line with the SBTi's concept.

BASF considers the substitution of fossil-based electricity with renewables as a main driver of emission reduction by 2025 and expects to achieve above 60% of renewable energy usage by 2030, compared with 15% in 2022. BASF pursues a make-and-buy strategy to secure access to renewable power. Given the company's high exposure to upstream chemical production and its reliance on fossil and petrochemical resources, BASF is among the chemical industry's first adopters of new technologies, including water electrolysis and methane pyrolysis, to reduce carbon emissions. The company developed new technologies for carbon-free and low-carbon production, with a focus on base chemicals. It also started to implement carbon capture and storage. Its Verbund site concept enables efficiently uses of raw materials in its processes.

Projects

As one of the first movers, BASF invested in a joint venture wind farm with Vattenfall in 2021. Hollandse Kust Zuid was launched in September 2023 and is one of the largest offshore wind farms globally, with a total installed capacity of 1.5 GW. BASF also signed a 25-year PPA with Engie SA to source up to 20.7 TWh of renewable electricity generated from wind farms for multiple sites in Europe. In addition, BASF concluded long-term supply contracts for renewable power for its Verbund sites in the U.S. and the new Verbund site in Zhanjiang, China. The company aims to supply the large-scale site entirely with renewable electricity from the start-up phase in 2025. For this purpose, BASF invested in 10% of an offshore wind farm joint venture in south China, with an installed capacity of 500 MW. Vattenfall and BASF are in advanced discussions to partner on the Nordlicht 1 and 2 projects through a sale of 49% of the project shares to BASF. Upon completion, BASF will receive almost half of the produced electricity (about 3 TWh per year) to supply its chemical production sites across Europe, in particular Ludwigshafen.

In September 2022, BASF started the construction of a demonstration plant for large-scale electrically heated steam cracker furnaces at the Ludwigshafen site in Germany, together with SABIC and Linde. Together with Siemens Energy, BASF plans to build a proton exchange membrane water electrolyzer in Ludwigshafen, with an output of 54 MV for carbon-free hydrogen production. The launch is targeted for 2024. The company also tests a methane pyrolysis in Ludwigshafen. This alternative process can be carbon-free if renewable energy is used and is extremely energy-efficient, compared with other methods. The first commercial plant is projected to launch before 2030. Together with Air Liquide, BASF is participating in an industrial carbon capture and storage project at the Antwerp site in Belgium, which is planned to be operational by 2026 and which will enable the company to avoid up to 1 million metric tons of CO2 emission per year.

In addition, BASF tries to expand electrical steam generation, which uses green power, can tap into previously unused waste heat potential, and reduces the reliance on natural gas as an energy source. A feasibility study with MAN Energy Solutions was initiated in July 2022 on the construction of an industrial-scale heat pump at the Ludwigshafen site. The company also aims to replace fossil resources with bio-based and recycled raw materials, such as bio-naphtha, biomethane, and pyrolysis oil.

To tackle the reduction of scope 3 emissions, BASF has tried to increase the transparency of its upstream GHG emissions through its Supplier CO2 Management Program launched in 2021, under which the coverage of suppliers now amounts to about 60% of BASF's raw materials-related GHG emissions. To help customers reduce carbon emissions, the company has continuously determined the carbon footprint of about 45,000 products.

Evonik Industries AG (BBB+/Stable/A-2)

With sales of €18.5 billion in 2022, Evonik is a leading specialty chemical company with a global production footprint. Evonik migrated its product mix to specialty chemicals, which account for 80% of total sales, through selling its resource-intensive methacrylate business in 2019 and making several targeted acquisitions. As a result, Evonik has the second-lowest intensity ratio among our portfolio companies, with 323 tCO2e per million euro sales in 2022.

Evonik aims to reduce scope 1 and 2 emission by 25% by 2030, compared with 2021. This is in line with the SBTi target of well below 2 degrees Celsius. Unlike other rated German chemical companies in our portfolio, Evonik has set a medium-term target of reducing scope 3 emissions by 11% by 2030. Key measures to reach the interim target for GHG reduction include the commissioning of new gas and steam turbine power plants, which replace the existing coal-fired power generation at the Marl site in Germany, initiatives to increase energy efficiency in production and processing operations, and a switch to green electricity through long-term PPAs. The company plans to cover 100% of external electricity needs with renewables by 2030, up from 23% in 2022.

Evonik is less advanced in exploiting new technologies and alternative feedstocks than BASF because it has a stronger focus on downstream chemicals. Its decarbonization journey beyond 2030 will rely on the breakthrough of certain technologies and processes--including carbon capture, utilization, and storage--and the widespread availability of low-carbon resources, such as green hydrogen. Evonik embedded sustainability as a growth driver in its business strategy and aims to increase the share of sustainable products in its portfolio to over 50% of sales by 2030, from 43% in 2022. The company plans to allocate about 80% of its growth capital expenditure, a total of €3 billion, to sustainable products by 2030. In addition, it will invest another €700 million in measures to increase efficiency and reduce carbon emissions in production.

Projects

In November 2022, Evonik and EnBW Energie Baden-Württemberg AG signed a 15-year contract for power supply from offshore wind farm He Dreiht, which will provide Evonik with 100 MW. This was followed by the second agreement to expand the supply by 50 MW in February 2023, covering about one-third of Evonik's electricity needs in Europe from 2026. In February 2024, Evonik entered into a new ten-year supply contract with the energy supplier Vattenfall, which will provide Evonik with about 120 GWh of solar power per year, increasing the share of Evonik's externally sourced electricity from renewable sources to more than 50%.

Evonik has teamed up with Linde and built the world's first real-scale pilot plant for extracting high purity hydrogen from natural gas pipelines by using Evonik's membrane technology in Dormagen, Germany. This provides a cost-effective, ready-to-run solution to facilitate the transition to green hydrogen.

Evonik currently uses steam methane reforming for grey hydrogen production at its site in Delfzijl, Netherlands. It has signed a memorandum of understanding with RWE for green hydrogen supply from their 50 MW electrolyzer in the Netherlands, which is planned to be operational in 2024.

K+S AG (BBB-/Stable /A-3)

With nearly €5.7 billion in sales in 2022, K+S is the world's fifth-largest producer of potash and fertilizer specialty products and the largest salt producer in Europe. Although the carbon intensity of potash production is much lower than for nitrogen-based fertilizers, the high energy intensity of the production process is reflected in the highest carbon intensity ratio in our sample, with 370 tCO2e per million euro sales in 2022. We note that scope 1 emissions account for 70% of the company's total emissions, versus the rated portfolio average of 15%, and that reducing scope 1 emissions is considerably easier than reducing scope 3 emissions. The company's mining operations expose it to strict environmental regulations in Germany. K+S needs to maintain and extend tailing piles at its German potash locations, which is reflected in high asset retirement obligations. Other environmental risks relate to the use and discharge of water, as well as compliance with environmental permits.

K+S aims to reduce scope 1 and 2 emissions by 10% by 2030, compared with 2020. Additionally, K+S has set the target to reduce transport logistics emissions (scope 3) by 10% until 2030. Key measures to achieve this interim target include the implementation of already planned measures, such as the combined heat and power generation at the Bethune site in Canada and the electrification of the vehicle fleet. In addition, the company intends to roll out further potential GHG reduction initiatives, including energy efficiency improvements through heat recovery, heat pumps, solar power, and wind PPAs.

We note that K+S' current energy mix primarily includes natural gas, which accounted for about 83% of its approximately 10 TWh annual energy consumption (43% for heat and power cogeneration, 31% for boiler, and 9% for drying) in 2021. The switch from external heat supply to heat generation from electrode boilers by 2040 and, more importantly, the switch from natural gas to power-to-heat applications after 2040 will be crucial to achieve net zero by 2050, which could increase investment needs. Although this is technically feasible for the company, it will increase the demand for green electricity and synthetic fuels beyond 2040. Accordingly, K+S' achievement of net zero depends on a supportive regulatory framework as well as a sufficient and affordable renewable energy infrastructure in Germany. The company also views carbon leakage protection as necessary.

Projects

The company started the extensive Werra 2060 project in the fourth quarter of 2022, which aims to improve K+S' operational efficiency and environmental footprint in Germany. Under the Werra 2060 project, the production plants in Unterbreizbach and Wintershall, Germany, will shift to dry processing methods by 2026-2027. The project will reduce saline process water for the affected sites by more than 50%, reduced steam requirement, and lower carbon emissions by about 15%. Solid residues will reduce by more than 50% at the Wintershall site by 2030. The conversion of processes will also help increase the share of potash-magnesium fertilizers and rolled granules, making the product portfolio more competitive in terms of cost, quality, and sustainability.

OQ Chemicals International Holding GmbH (OQ Chemicals; B/Watch Neg/--)

With sales of about €1.9 billion in 2022, OQ Chemicals is the world's second-largest producer of oxo intermediates and derivatives. The hydroformylation of oxo intermediate products is a relatively energy-intensive process. As a result, OQ Chemicals produced about 353 metric tons of scope 1 and 2 emissions per million euro sales in 2022, illustrating the company's relatively high carbon intensity.

OQ Chemicals aims to reduce its scope 1 and 2 emissions by 18% by 2025 and 30% by 2030, compared with 2017, mainly through energy-efficiency and process-optimization measures in its production facilities. The company has set intensity reduction targets to reduce product-specific emissions by 25% by 2025 and 40% by 2030, versus 2017.

To achieve the transition to net zero by 2050, the company focuses on operational optimization, renewable electricity, energy recovery, and the alternative use of waste streams, among others. OQ Chemicals also aims to reduce its energy consumption by 10% by 2025 and cover 100% of its global electricity needs with renewables by 2030, from 36% in 2022, partly through the use of green power certificates. Recycling CO2 and reusing it as a raw material in the production process would make the biggest difference for the company's carbon footprint in the long run, but that project is still at a very early stage.

Projects

The flare optimization project at the U.S. plant in Bay City directs gaseous by-products from the production to boilers to generate steam. This reduced the the site's combustion via flare and direct carbon emissions by 10% in 2022, compared with the historical average.

At its largest site in Oberhausen, Germany, the company operates its own power plant, which reuses large portions of liquid waste, exhaust gas, and distillation residues from production units as fuels to generate energy.

Together with other companies, OQ Chemicals joined HydrOB, a network project in Oberhausen that explores the implementation of hydrogen technologies.

Rohm HoldCo II GmbH (Rohm; B-/Negative/--)

Rohm is a fully integrated global producer of methyl methacrylate (MMA) and polymethyl methacrylate (PMMA) products, as well as base monomers. Upstream businesses accounted for about 43% of its total €1.8 billion revenues in 2022. As a result, it has a relatively high carbon intensity ratio, which amounted to nearly 370 metric tons of scope 1 and 2 emissions per million euro sales in 2022.

Rohm has set ambitious decarbonization targets and aims to reduce its carbon intensity by 30% to 2.5 tCO2e per metric ton manufactured product by 2030, from 3.5 tCO2e in 2020. To achieve this, the company plans to reduce scope 1, 2, and 3 emissions by more than 800 metric kilo tons per year by 2030, versus 2020.

More than 50% of Rohm's decarbonization efforts will take place at U.S. production facilities, with the launch of the new LiMA plant in Bay City scheduled for 2024. The plant's highly efficient process for MMA production requires less energy consumption and will reduce carbon intensity by 30%, compared with the current Fortier plant. As scope 1 emissions from the MMA production process are unavoidable, Rohm is exploring carbon capture technologies. The company also aims to achieve its climate goals by optimizing the manufacturing process, accessing alternative energy sources, and substituting fossil feedstocks. Regarding the switch to renewable electricity, Rohm will focus on guarantee of origin certificates in the short term. In the medium and long term, the company depends on the availability of sufficient and affordable renewable energy sources on the global market.

Projects

Besides the LiMA project, Rohm worked with U.S.-based technology company LanzaTech and ArcelorMittal, a major steel producer, to investigate opportunities for utilizing carbon-rich industrial waste gases from ArcelorMittal's steel manufacturing to produce carbon-neutral raw materials, such as acetone and ethanol.

Rohm is actively establishing strategic alliances with new partners to explore opportunities for carbon capture technologies and has commissioned detailed feasibility studies for its German sites in Worms and Wesseling.

The company explores the use of oxy-fuel technology in the LiMA project, C4 MMA technology, and the recovery of sulphuric acid to increase output and reduce natural gas consumption.

Related Research

• Germany's Green Energy Ambitions Spark A Transformative Decade For Utilities, Sept. 14, 2023
• Decarbonizing Chemicals Part Two: The Credit Risks And Mitigants, Sept. 5, 2023
• Decarbonizing Chemicals Part One: Sectorwide Challenges Will Intensify Beyond 2030, Sept. 5, 2023
• Europe's Utilities Face A Power Price Cliff From 2026, June 22, 2023